1. You need very good to excellent credit score to qualify for most cards that offer a large bonus. Sign up for a free account at CreditKarma.com to check your credit score.

2. If you are able to put $1,000-$1,500 per month on a credit card that will be enough to earn bonuses on most credit card offers.

3. Travel hacking (what this system is called) will increase your credit score.

4. Keep organized with a spreadsheet. You want to know when to cancel cards so you don't pay annual fees (if there are any). It's also important to know which cards you have acquired and when you cancelled them because typically you don't want to apply for a card that you already had at some point in the past. Certain cards are churnable (you can get bonuses multiple times after a certain time period has passed) so it's important to know the date of cancellation so you can know when to apply again. (Click to download template)

5. Set a calendar reminder every month to check your spreadsheet otherwise it's useless. :-) I generally cancel cards in 11th month. Don't cancel right away after earning the bonus.

6. When cancelling a card, avoid calling the credit card company phone number. If possible, always use chat or secure message on the companies website. This will help you avoid the guilt trip they will lay on you for cancelling the card.

7. Figure out where you want to go BEFORE signing up for cards. Once you know where you want to go then find the best cards to get you there.